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Are contributions received by a presidential candidate personal…

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Are contributions received by a...
Are contributions received by a presidential candidate personal income and subject to, income taxes?
Submitted: 3 years ago.Category: Tax
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Answered in 11 minutes by:
5/30/2015
Tax Professional: Robin D., Senior Tax Advisor 4 replied 3 years ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,061
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello and thanks for trusting me to help you today. I am a tax adviser with over 20 years of experience.
Only if used for personal purposes and not campaign costs.
The key provision of the House rules barring use of campaign funds for personal purposes is House Rule XXIII, clause 6(b) which provides that a Member may not convert campaign funds to personal use in excess of an amount representing reimbursement for legitimate and verifiable campaign expenditures.
Personal use means any use of funds in a campaign account of a present or former candidate to fulfill a commitment, obligation or expense of any person that would exist irrespective of the candidate’s campaign . . . . [11 C.F.R. § 113.1(g).]
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Tax Professional: Robin D., Senior Tax Advisor 4 replied 3 years ago
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